U.Today – As the price swings, the crypto community is closely monitoring key levels that could determine the short-term trajectory of the largest crypto asset.
According to the co-founders of Glassnode, who go by the name “Negentropic” on
Amid the current price decline, Bitcoin (BTC) now shows the potential to recover towards $67,000, Negentropic stated.
However, this level may create resistance and breaking it could put BTC on track towards an even higher target of $69,500. On the other hand, the $65,000 mark is considered a crucial psychological support level, which could play a critical role in maintaining investor confidence.
Negentropic highlights the importance of the $65,000 level, not simply as psychological support, and urges Bitcoin traders to keep an eye on it. However, despite the possibility of declines to $62,000 or even $60,000, market sentiment remains cautiously optimistic.
As the market awaits Bitcoin's next big move, investors and traders may want to keep an eye on these important levels to efficiently navigate the current market dynamics.
At the time of writing, BTC was down 0.48% in the last 24 hours to $64,795 after falling to lows of $64,555 in today's trading session. Bitcoin fell to a one-month low as outflows of digital asset investment products and the prospect of higher-for-longer U.S. borrowing costs weighed on the cryptocurrency market.
As Bitcoin has fallen below the $65,000 mark, IntoTheblock reveals that on-chain data suggests strong demand levels up to $61,600. However, the nearest significant support level lies around $64,500, where 1.28 million addresses previously acquired BTC.
This article was originally published on U.Today.
